The beginning of the year saw much activity in the London property market as a rare conjunction occurred: there was good supply of quality property coming to the market in an attempt to sell ahead of the stamp duty changes and there were many buyers trying to snare a good deal ahead of the overall price increases.
As the trees began to blossom across Chelsea & Kensington a new picture emerged. Suddenly the urgency of the weeks before relented and a sense of opportunity or panic emerged.
To Brexit or not to Brexit? This is the current question sweeping the London property market. And uncertainty being the current buzz word.
Post Obama’s visit, Brexit odds have gone out to 3/1 from 2/1 – I guess he has helped. However, many sellers have pulled their properties of the market altogether while waiting for the horizon to clear. Or have chosen to put their properties on the rental market.
Buyers on the other hand, are in two camps. The cautions ones that will wait for Brexit or the opportunistic ones that sense that Brexit will not happen and this is a good time to get a property (& potentially make money).
Agents say that this is the time to bag a bargain before the June rush of buyers who are waiting for clear results, urging interested parties to test the water with offers before the market is flooded with buyers.
The reality is that there are indeed some good deals to be had in both prime and the newly coined ‘emerging prime’ areas from investment properties to mansions.
And that the truly good properties remain scarce and as such still command great price tags (and believe us, we know first-hand that breaking records deals are happening across many parts of London).
Whether you choose to be canny or cautious really depends on what you think the outcome will be. All we would like to say is that in times of uncertainty, it pays to have good advice.
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